Ohio Indemnity Auto Insurance Review (2023)

Ohio Indemnity Coverage Options

Special programs are available to lenders who face situations unusual to the general public.

Four programs are specific to lender’s needs yet similar to the insurance needs of any business:

• Vendor Single Interest – protects against vehicle confiscations such as when the government or other officials hold the vehicle for open court cases; protects the lender’s portfolio of vehicles that may not be recovered from repossessions or when there is damage to the vehicle when it is recovered
• GAP or Guaranteed Auto Protection – covers the difference between the primary insurance policy amount and the loan balance; offers protection up to 150 percent MSRP. It also covers defaulted loans up to $50,000, as well as deductible amounts on new or used vehicles with loans up to eight years
• Equipment Physical Damage –available on the term of the loan or yearly; covers the actual cash value on agricultural, construction, lawn, and commercial equipment vehicles. This coverage is also available for loans financed up to eight years and valued for as much as $100,000
• Creditor Placed Insurance – intended to cover vehicles and other personal property used for collateral; also for losses where the owner does not have enough insurance to cover the damages. All of the programs cover the lender’s whole portfolio of vehicles if defaulted on, stolen, or not recovered for any other reason